Pulaski Financial, the holding company for Pulaski Bank, has reported a net income of $2.5 million for the second fiscal quarter ended March 31, 2008, compared with the earnings of $2.2 million for the same quarter of 2007.
Net interest income increased $1.9 million, or 27% to $8.9 million for the quarter compared to the corresponding quarter of 2007.
According to Pulaski, the results were driven by continued growth in the average balance of loans receivable, which increased $186.6 million, or 22% to $1.04 billion during the quarter.
For the six months ended March 31, 2008, earnings were $5.3 million, or $0.52 per diluted share, compared with the earnings of $0.46 per diluted share for the comparable period in 2007. For the period, net interest income increased $3.2 million, or 22.9% to $17.1 million.
Lee Wielansky, chairman of Pulaski Financial, said: We are very encouraged by emerging results so far this year and we are cautiously optimistic that these trends will continue.